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Chapter 23 4
Ethical guidance
ACCA provides guidance in its Code of Ethics and Conduct in the area of money
laundering.
This is needed because there is a clear conflict between:
the accountant’s professional duty of confidentiality in relation to his client’s
business, and
the duty to report suspicions of money laundering to the appropriate authorities
is required by law.
Professional accountants are not in breach of their professional duty of confidentiality
if they report in good faith their knowledge or suspicions of money laundering to the
appropriate authority.
Disclosure in bad faith or without reasonable grounds would possibly lead to the
accountant being sued.
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